The parties executed a "standard form" of real estate contract dated May 2, 1981 (printed by Schenectady Board of Realtors) which had been negotiated through Gallet Realty, Inc. The contract provided that defendant would purchase plaintiffs' property described as 1814-16 Campbell Avenue, Schenectady, New York, for the sum of $48,900, and contained the following clause: "7. Mortgage contingency: Purchaser and Seller agree that this contract shall only be binding on the Purchaser...
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